Freddie Mac: Mortgage Loan Rates Pulling Back

Home securityIn its weekly Primary Mortgage Market Survey, home lending giant Freddie Mac reported that mortgage rates for fixed-rate loans have pulled back a little following five weeks of increases.

The interest rate on a 30-year fixed-rate mortgage fell from a prior week average of 4.58% to 4.51%, still well above the rate of 3.59% in the same week a year ago.

One year ago the 15-year fixed-rate mortgage rate stood at 2.86%. That rate also fell this week, from 3.5% last week to 3.39%.

The interest rate on a 5-year Treasury hybrid adjustable-rate mortgage loan rose from 3.21% a week ago to 3.24%, and is up from 2.78% in the same week a year ago. The 1-year Treasury-indexed adjustable-rate mortgage loan interest rate also slid, from 2.67% in the prior week to 2.64%. The 1-year rate averaged 2.63% a year ago.

According to Wednesday's data from the Mortgage Bankers Association, new loan applications slipped 2.5% last week, as refinancings fell to 60% of all applications. Rising housing prices, low inventory, and rising mortgage loan rates are conspiring to keep the housing market recovery at a slow, but steady pace.

Filed under: Housing
Read Full Story
  • DJI28989.73-170.36-0.58%
  • NIKKEI 22523827.1831.740.13%
    Hang Seng27949.6440.520.15%
  • USD (PER EUR)1.100.00000.00%
    USD (PER CHF)1.030.00000.00%
    JPY (PER USD)109.300.00000.00%
    GBP (PER USD)1.310.00000.00%